# Interaction Subsample Analysis: Z×KAOPEN on 140-Country Panel

Extended model: CA/GDP ~ Z₁ + Z₂ + Z₃ + EBA controls + log_lending_rate + Z×KAOPEN

| Subsample | Z₁ | Z₁ p | Z₁×K | Z₁×K p | Z₂×K | Z₂×K p | Z₃×K | Z₃×K p | Joint F | F p | N | C | R² |
|-----------|-----|------|------|--------|------|--------|------|--------|---------|-----|---|---|-----|
| Full sample (140) | -22.7 | 0.267 | 21.6* | 0.051 | -3.6** | 0.034 | 0.2** | 0.026 | 20.06*** | 0.000 | 1592 | 90 | 0.339 |
| KAOPEN: low | -85.4 | 0.305 | -29.6 | 0.591 | 3.8 | 0.666 | -0.1 | 0.715 | 0.20 | 0.894 | 562 | 33 | 0.130 |
| KAOPEN: medium | -25.6 | 0.491 | 35.0 | 0.139 | -4.9 | 0.157 | 0.2 | 0.178 | 2.01 | 0.112 | 586 | 31 | 0.477 |
| KAOPEN: high | 217.1 | 0.136 | -90.5 | 0.174 | 12.8 | 0.218 | -0.5 | 0.257 | 1.55 | 0.200 | 444 | 26 | 0.371 |
| OECD | -130.5 | 0.152 | 46.2 | 0.245 | -7.2 | 0.202 | 0.3 | 0.169 | 27.40*** | 0.000 | 288 | 17 | 0.438 |
| Non-OECD | -25.0 | 0.271 | 19.7 | 0.134 | -3.2 | 0.110 | 0.1 | 0.101 | 13.53*** | 0.000 | 1304 | 73 | 0.359 |
| Pre-GFC (1986-2007) | -61.1* | 0.088 | 28.1 | 0.147 | -4.9 | 0.103 | 0.2* | 0.084 | 7.24*** | 0.000 | 598 | 85 | 0.338 |
| Post-GFC (2009-2024) | -18.8 | 0.416 | 15.6 | 0.222 | -2.7 | 0.161 | 0.1 | 0.125 | 15.67*** | 0.000 | 911 | 88 | 0.374 |
| Demo: young | -42.5 | 0.266 | 15.5 | 0.502 | -2.8 | 0.445 | 0.1 | 0.438 | 2.81** | 0.039 | 556 | 31 | 0.551 |
| Demo: transitioning | -56.0 | 0.141 | 6.9 | 0.757 | -1.2 | 0.725 | 0.0 | 0.730 | 2.47* | 0.061 | 616 | 33 | 0.190 |
| Demo: aging | -7.8 | 0.885 | -40.8 | 0.108 | 4.8 | 0.173 | -0.2 | 0.250 | 12.08*** | 0.000 | 420 | 26 | 0.145 |
| High-inc + High-K | 31.5 | 0.671 | -11.7 | 0.739 | 0.2 | 0.963 | 0.0 | 0.873 | 13.69*** | 0.000 | 476 | 28 | 0.561 |
| High-inc + Low-K | -44.1 | 0.578 | -0.0 | 1.000 | -0.4 | 0.958 | 0.0 | 0.927 | 0.76 | 0.516 | 226 | 12 | 0.410 |
| Low/mid-inc + High-K | 155.7** | 0.029 | -36.1 | 0.383 | 5.0 | 0.417 | -0.2 | 0.446 | 0.22 | 0.884 | 346 | 18 | 0.216 |
| Low/mid-inc + Low-K | -116.9* | 0.093 | -10.6 | 0.815 | 0.5 | 0.948 | 0.0 | 0.957 | 0.52 | 0.670 | 544 | 32 | 0.132 |
| Excl 14 DFBETA-flagged | 5.6 | 0.799 | 13.7 | 0.206 | -2.4 | 0.146 | 0.1 | 0.116 | 13.23*** | 0.000 | 1418 | 81 | 0.272 |

*,**,*** denote significance at 10%, 5%, 1%.

## Interpretation

**Interactions significant (Joint F p<0.10):** Full sample (140), OECD, Non-OECD, Pre-GFC (1986-2007), Post-GFC (2009-2024), Demo: young, Demo: transitioning, Demo: aging, High-inc + High-K, Excl 14 DFBETA-flagged

**Interactions insignificant (Joint F p≥0.10):** KAOPEN: low, KAOPEN: medium, KAOPEN: high, High-inc + Low-K, Low/mid-inc + High-K, Low/mid-inc + Low-K

Total countries in expanded sample: 141
